Virtualization Market and Investment Report Feb 2018

Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Virtualization - Feb 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on February 27, 2018.
Virtualization Feed Summary
4
Virtualization > Feed Summary
Tools that enable hardware virtualization.
• Inclusions: All companies that offer software which can
virtualize bare metal infrastructure.Companies that offer
desktop virtualization, desktop as a service, VM
management, Hypervisor, and server virtualization
• Exclusions: Service providers that offer virtualization as
a service
• Excludes funding information of Chinese companies
Feed in Numbers
Overview
$2.3B
Funding
13
Mega
Companies
111191
FundedCovered on
Tracxn
3
Unicorns
2
Soonicorns
-
Minicorns
4
IPO’d Cos
77
Late Stage Cos
26
24
Acquisitions
10
DeadPooled
34
Acquihired
Series A+ Cos
Citrix
(1989, San Francisco)
Nicira
(2007, Palo Alto, $43.4M)
VMware
(1998, Palo Alto, $388M)
Top Companies

$141M
$102M
$65M
$271M
$69M
$88M
2012 2013 2014 2015 2016 2017
$ Funding # Rounds
16
8
13
9
4
2012 2013 2014 2015 2016 2017
Y-o-Y # of Companies Founded
Investment Trend Summary
Summary of Funding Activity in Virtualization
5
$50M - Series E
Turbonomic (2009, Boston, $125M)
$20.4M - Series B
Midokura (2010, Tokyo, $44M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
Virtualization > Feed Summary > Investment Trend Summary
Seed
BLH Venture Partners (#1), Breega Capital (#1), Columbus Nova
Technology Partners (#1)
Series A/B
Bain Capital Ventures (#2), Mosley Ventures (#2), Access Venture
Partners (#1)
Series C+ AME Cloud Ventures (#1), Ardian (#1), CBC Capital (#1)
Incubators Alchemist Accelerator (#1) Startup Sauna (#1) Techstars (#1)
Other Notable
Investors
Arrowroot Capital (#1), CapitalSource (#1), Citrix (#1)
Debt Investors Silicon Valley Bank (#1)
Most Active InvestorsRecent Investments
18 23 9 23 12 6
$2B
$124M
$67.8M
$49.7M
$44M
US
Israel
Canada
Europe
Japan
$ Funding

Summary of exit outlook in Virtualization
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Greylock Partners 2
Wanova (2008, Netanya, $23M)
Calista Technologies (2006, San Jose, $7M)
Norwest Venture
Partners
2
Ravello Systems (2011, Herzliya, $54M)
Qumranet (2005, Sunnyvale, $4.8M)
Sequoia Capital 2
Lightspeed Venture
Partners
2
Nicira (2007, Palo Alto, $43.4M)
Azure Capital
Partners
1 VMware (1998, Palo Alto, $388M)
Mar 2016 Ravello Systems Acq by Oracle for $500M
Sep 2014 Attachmate Acq by Micro Focus for $1.2B
Jul 2012 Nicira Acq by VMware for $1.3B
Jun 2011 Interactive TKO Acq by CA Technologies for $330M
Jan 2008 Calista Technologies Acq by Microsoft for $115M
Dec 2003 GoToMyPC Acq by Citrix for $225M
Jan 1900 Xen Project Acq by Citrix for $500M
Virtualization > Feed Summary > Exit Outlook Summary
VMware 5
Nicira (Jul 2012, $1.3B), Wanova (May 2012, $100M), Desktone
(Oct 2013)
Citrix 5
Xen Project (Jan 1900$500M), GoToMyPC (Dec 2003, $225M),
Unidesk (Jan 2017)
Oracle 3
Ravello Systems (Mar 2016, $500M), GreenBytes (May 2014),
Virtual Iron Software (May 2009)
Cisco 1 Embrane (Apr 2015)
Microsoft 1 Calista Technologies (Jan 2008, $115M)
Recent IPOs Top Acquisitions
Sphere 3D Aug 2013
Delivers virtualization technology and da…
IPO MCap: - Current MCap: -
VMware Aug 2007
Virtualization Software
IPO MCap: - Current MCap: $10.9B
Citrix Dec 1995
Virtualization and Remote Access Software…
GraphOn
remote access application publishing soft…

Marketmap: Virtualization
7
Virtualization > Feed Summary > BlueBox

Key Sub Sectors in Virtualization Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
VDI - Desktop Virtualization
68 $84.5M 4
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Companies that offer Virtual Desktop Infrastructure
(VDI) solution to provision virtual...
107 59 $858M
Suite
Companies that provide end to end virtualization
soutions
3 3 $446M
Network Virtualization
Companies that provide products which create a
virtual network combining hardware and...
14 12 $351M
Application Virtualization
Companies that provide products for application
virtualization
17 11 $245M
Server Virtualization
Companies that provide products which virtualize
server platforms
13 10 $193M
VM Management & Monitoring
Companies that provide products which monitor and
manage virtual machines
22 9 $116M
Hypervisor
Companies that provide products for
abstraction/isolation of OS from the underlying
hardware
13 6 $114M
Virtualization > Feed Summary > Summary of Key Markets

List of Notable Companies in Virtualization
Notable Companies in the Sector
9
Note: *(Founded Year, Location, Total Funding)
Virtualization > Feed Summary > Notable Companies in the Sector
Public
VMware
(1998, Palo Alto, $388M)*
GraphOn
(1996, Campbell, $7.1M)
Citrix
(1989, Fort Lauderdale)
Sphere 3D
(2009, Ontario)
Acquired
Nicira
(2007, Palo Alto, $43.4M)
Attachmate
(1982, Seattle)
Ravello Systems
(2011, Herzliya, $54M)
Xen Project
(2003, Massachusetts)
Interactive TKO
(1999, Dallas, $12.6M)
GoToMyPC
(1997, Santa Barbara, $30M)
Calista Technologies
(2006, San Jose, $7M)
Qumranet
(2005, Sunnyvale, $4.8M)
Wanova
(2008, Netanya, $23M)

List of Notable Companies by Market in Virtualization
Notable Companies by Market (1/3)
11
Virtualization > Feed Summary > Notable Companies by Market
Suite
Suite
VMware (1998, Palo Alto, $388M)
Unicorn. Stage: Public
Cisco, Intel Capital, Dell and 2 Other Investors
Citrix (1989, Fort Lauderdale)
Virtualization and Remote Access Software | Suite
Unicorn. Stage: Public
Sevin Rosen Funds, The Angels’ Forum, Mayfield
and 2 Other Investors
Hypervisor
Hypervisor
Cloud Application Hypervisor
Stage: Acquired
Sequoia Capital, Bessemer Venture Partners,
Norwest Venture Partners and 5 Other Investors
Xen Project (2003, Massachusetts)
Open Source | Server Virtualization
Stage: Acquired
Data Collective

12
Pluribus Networks (2010, Palo Alto, $92.5M)
Software-defined networks for data centers
Soonicorn. Stage: Series D
Temasek, Ericsson, Newtech Technology and 8
Other Investors
Network Virtualization leveraging existing physical
infrastructure
Soonicorn. Stage: Series B
Simplex, Innovation Network Corporation of Japan,
Fujitsu and 4 Other Investors
Network Virtualization platform for SDDC
Unicorn. Stage: Acquired
Lightspeed Venture Partners, New Enterprise
Associates, Andreessen Horowitz
Interactive TKO (1999, Dallas, $12.6M)
Stage: Acquired
CenterPoint Ventures, Vesbridge Partners, Hunt
Ventures and 2 Other Investors
GraphOn (1996, Campbell, $7.1M)
remote access application publishing software
Stage: Public
Virtualized desktop management
Stage: Acquired
Greylock Partners, Opus Capital, Viola Group and 1
Other Investors
Desktop virtualization products
Stage: Acquired
Greylock Partners, Lightspeed Venture Partners,
Western Technology Investment and 1 Other
Investors
Desktop Virtualization Solution
Stage: Acquired
Sequoia Capital, Norwest Venture Partners, Silicom

13
Sphere 3D (2009, Ontario)
Delivers virtualization technology and data
management solutions
Stage: Public
Opus Bank, Pinetree Capital, Cyrus Capital Partners
Desktop as a service (DaaS)
GoToMyPC (1997, Santa Barbara, $30M)
Software for remote desktop access from any device
Stage: Acquired
Terminal Emulator
Terminal Emulator
Attachmate (1982, Seattle)
Secure terminal emulation, FTP and legacy
integration solution
Stage: Acquired
Credit Suisse, Francisco Partners, Thoma Bravo and
3 Other Investors

Recent News in Virtualization Sector
Recent News
14
Virtualization > Feed Summary > Recent News
Feb 2018
A merger with Dell would be an 'obvious negative' for VMware
shareholders, Business Insider
Feb 2018
RackTop Systems and Carahsoft Announce New Partnership to
Offer Software-Defined Storage (SDS) Products to the Federal
Government and Resellers , PRWeb
Feb 2018
Ovum Report Recognises IGEL for Enhancing Thin Client Security
and Driving Marketshare for Software-Based Thin Clients, RealWire
Feb 2018
VMware's Ross Brown Exits, Channel Chief Brandon Sweeney Takes
Over Cloud Provider Program Duties, CRN
Feb 2018
Pivot3 Extends Technology Partnerships with VMware, Redington
Value, and Zerto, Technology-Signals
Feb 2018 Turbonomic Earns Microsoft Co-Sell Ready Status, APMdigest
Feb 2018
Anuta Launches Smart Network Platform for Multi-Vendor
Networks, SDxCentral
Feb 2018
Parallels Toolbox 2.5 brings an array of quick tools to the Mac,
AppleInsider
Feb 2018
CloudShare Finishes Best Year in Company History with More than
200 New Customers in 2017, PR Newswire
Feb 2018 Dell EMC expands converged infrastructure portfolio, ITP
Feb 2018
VMware buys CloudCoreo to improve cloud application security,
SiliconAngle
Feb 2018
Citrix Systems Enters 2018 Leaner, but Still in Fighting Shape, The
Motley Fool
Key Recent News Key Recent News
Feb 2018
NComputing to bring Citrix Ready workspace hub to enterprises, PR
Newswire
Feb 2018
Panasonic and StayLinked offer next generation mobile computing
solutions to the warehousing, manufacturing, and logistics
industries, RealWire
Feb 2018
CloudJumper Acquires IndependenceIT to Create the Most
Comprehensive Cloud Application and Workspace Platform,
GlobeNewswire
Feb 2018
Worldline Selects VMware Network Virtualization and Cloud
Management Platforms to Accelerate Innovation and Time to
Market, Euroinvestor
Feb 2018
Turbonomic Seeks To Boost Channel Power, Hires Hortonworks Vet
Christopher Sullivan As Channel VP, CRN
Feb 2018
Citrix Acquires Cedexis to Improve App Performance in Hybrid
Clouds, SDxCentral
Feb 2018 Seagate & RackTop Systems Partner On SDP2 , Storage Review
Feb 2018
Pivotal Software and VMware launch new container service,
SiliconAngle
Feb 2018
Delphix Brings Powerful New Data Security Capabilities to SAP,
Euroinvestor
Feb 2018 Dell to opt for record reverse-merger?, The Recycler
Feb 2018
Citrix Showcases Market-Leading Network and App Delivery
Portfolio at Mobile World Congress 2018, Business Wire

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
15
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

$119M
$247M
$141M
$102M
$65M
$271M
$69M
$88M
0
5
10
15
20
25
$0k
$50M
$100M
$150M
$200M
$250M
$300M
2010 2011 2012 2013 2014 2015 2016 2017
$ Funding # Rounds
3 Year CAGR
6 Year CAGR
Investments ($M) and number of rounds in Virtualization; 2011-2017
Global Funding Trends (1/2)
16
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Virtualization > Investment Trends > Global Funding Trends
#Rounds
$Funding
9% $ Funding
12% $ Funding
7% # of Rounds
19% # of Rounds

$2M $4M $7M $5M $9M $4M $2M
$67M
$103M $49M
$76M
$30M
$57M
$37M
$26M
$51M $142M $87M $18M $30M $205M $28M $60M
2010 2011 2012 2013 2014 2015 2016 2017
Seed Early Stage Late Stage
1 3 7 8 3 11 3 1
12
12
5
11 4
7
5
3
5 6 6 4 2 5 4 2
2010 2011 2012 2013 2014 2015 2016 2017
Seed Early Stage Late Stage
18
6
Total # of Rounds
$20M
$120M
$91M
$0K $0K
$205M
$20M
$50M
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
0
50000000
100000000
150000000
200000000
250000000
2010 2011 2012 2013 2014 2015 2016 2017
$ Funding # of Rounds
17
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded ClubMega Rounds
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Virtualization; 2011-2017
Virtualization > Investment Trends > Global Funding Trends
6
9
8
4
7
2
36
$19.6M
$4.9M
$0.0M
$5.0M
$10.0M
$15.0M
$20.0M
$25.0M
0
5
10
15
20
25
30
35
40
2001-2011 2012 2013 2014 2015 2016 2017 Total
Entrants in Funding Club Avg. Ticket Size
1 3 4 - - 4 1 1 $19.6M $2.2M $2.2M $3.3M $0.8M - $5.9M $4.9M
$119M
$88M
Total $ Invested

Virtualization > Investment Trends > Funding Trends by Geography
Funding Trends by Geography

Virtualization > Investment Trends > Median Deal Size and Trend
Median Deal Size and Trend

Virtualization > Investment Trends > Distribution of companies by Funding Range
Distribution of companies by Funding Range

Virtualization > Investment Trends > Funding Funnel
Funding Funnel

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Virtualization > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Virtualization; Feb 2016-Feb 2018
Notable Investments in last 24 months
LATE STAGE
$50M - Series E Jan 2017
IT Operation for virtualized environments
General Atlantic, Bain Capital Ventures, Highland
Capital Partners, Globespan Capital Partners, Iconiq
Capital
EARLY STAGE
$20.4M - Series B Jun 2016
infrastructure
Simplex, Innovation Network Corporation of Japan

Most Active Investors (VC, PE) by Stage in Virtualization; Last 5 years (Feb 2013-Feb 2018)
Most Active VC & PE Investors
23
Virtualization > Investment Trends > Most Active VC & PE Investors
SEED STAGE
BLH Venture Partners
StrataCloud
1
Breega Capital
NanoCloud
2
Columbus Nova Technology Partners
Frame
3
Credo Ventures
Runecast
4
Data Collective
Paperspace
5
Double M Partners
Akanda
6
Initialized Capital
Paperspace
7
Limerock Fund Manager
Runecast
8
Lough Shore Investments
WorldDesk
9
Ludlow Ventures
Paperspace
10
EARLY STAGE
Bain Capital Ventures(2 Investments)
Frame, TidalScale
1
Mosley Ventures(2 Investments)
FSLogix, StrataCloud
2
Access Venture Partners
Dizzion
3
Alerion Ventures
FSLogix
4
Aristos Ventures
Netsocket
5
BIP Capital
StrataCloud
6
Bessemer Venture Partners
Ravello Systems
7
Correlation Ventures
Dizzion
8
Endeavour Ventures
Numecent
9
FrontRange Capital Partners
X-IO
10
LATE STAGE
AME Cloud Ventures
Pluribus Networks
1
Ardian
Evolve IP
2
CBC Capital
Pluribus Networks
3
Cisco Investments
Embrane
4
General Atlantic
Turbonomic
5
Globespan Capital Partners
Turbonomic
6
Ignition Partners
Unidesk
7
Presidio Ventures
Embrane
8
Qualcomm Ventures
Ravello Systems
9
Temasek
Pluribus Networks
10

Virtualization > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Virtualization; Last 5 years (Feb 2013-Feb 2018)
Most Active Ecosystem Investors
INCUBATOR
Alchemist Accelerator
28.io
1
Startup Sauna
Eltechs
2
Techstars
Virtkick
3
The Fabric
Akanda
4
Y Combinator
Paperspace
5
OTHER NOTABLE INVESTORS
Arrowroot Capital
Embotics
1
CapitalSource
Evolve IP
2
Citrix
TidalScale
3
Credit Suisse
Attachmate
4
Ericsson
Pluribus Networks
5
Fidelity Investments
Delphix
6
Fujitsu
Midokura
7
Great Hill Partners
Evolve IP
8
Iconiq Capital
Turbonomic
9
Innovation Network Corporation of
Japan
Midokura
10
DEBT INVESTORS
Silicon Valley Bank
FSLogix
1

Virtualization > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club

Virtualization > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
27
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

Marketmap: Virtualization
28
Virtualization > Market Details > BlueBox

Key Sub Sectors
29
Key Sub Sectors in Virtualization
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Companies that offer Virtual Desktop Infrastructure (VDI) solution to provision virtual
desktops and remotely connect to virtual machines over a network
RingCube (2005, Mountain View, Acquired)
107 59 $858M
Suite
Companies that provide end to end virtualization soutions
VMware (1998, Palo Alto, Public)
Citrix (1989, San Francisco, Acquired)
3 3 $446M
Companies that provide products which create a virtual network combining hardware and
software components
Nicira (2007, Palo Alto, Acquired)
Pluribus Networks (2010, Palo Alto,
$92.5M)
14 12 $351M
Companies that provide products for application virtualization
Unidesk (2007, Marlborough, Acquired)
Delphix (2008, Menlo Park, $120M)
17 11 $245M
Companies that provide products which virtualize server platforms
Virtual Iron Software (2003, Lowell,
Acquired)
3Leaf (2004, Santa Clara, $65M)
13 10 $193M
VM Management & Monitoring
Companies that provide products which monitor and manage virtual machines
AppSense (1999, Sunnyvale, Acquired)
Levanta (1998, San Mateo, $8M)
22 9 $116M
Hypervisor
Companies that provide products for abstraction/isolation of OS from the underlying
hardware
Ravello Systems (2011, Herzliya, Acquired)
Parallels (1999, Seattle, $12.4M)
13 6 $114M
Terminal Emulator
Companies that provide products that emulate Linux terminals
Attachmate (1982, Seattle, Acquired)
StayLinked (1991, Tustin)
2 1 -
Virtualization > Market Details > Key Sub Sectors

Detailed Sector Taxonomy
30
Virtualization > Market Details > Detailed Sector Taxonomy

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(-)
Companies that offer Virtual Desktop Infrastructure (VDI) solution to provision virtual desktops and
remotely connect to virtual machines over a network
(Companies covered 68 | Funded 41 | Total Funding $656M)
$84.5M
(+$2M)
4
(-6)
Turbonomic
(2009, Boston, $125M)
31
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets by Funding in Virtualization in last 2 years (February 2016 - January 2018)
Virtualization > Market Details > Top Markets of Investment Activity

Incubators
Seed Citrix (#1), Columbus Nova Technology Partners (#1)
Series A/B Austin Ventures (#2), Bain Capital Ventures (#2)
Series C+
Globespan Capital Partners (#1), Hummer Winblad Venture
Partners (#1)
RES Jul - 2017
Acq by Ivanti
GreenBytes May - 2014
Acq by Oracle
Sphere 3D Aug - 2013
IPO'd
Wanova May - 2012
Acq by VMware for $100M
Virtual Computer May - 2012
Acq by Citrix
RingCube Aug - 2011
Acq by Citrix
Scalent Jul - 2010
Acq by Dell
$16M - Series B
Frame (2013, San Mateo, $28.5M)
$50M - Series E
$6.4M - Series A
Dizzion (2011, Denver, $11M)
$12.1M - Series C
Embotics (2006, Ottawa, $24.5M)
$10M - Series B
RES (1999, Radnor, $28.8M)
$10M - Series A
Frame (2013, San Mateo, $28.5M)
Feb 2018
RackTop Systems and Carahsoft Announce New Partnership
to Offer Software-Defined Storage (SDS) Products to the
Federal Government and Resellers , PRWeb
Feb 2018
GlobeNewswire
Feb 2018
Turbonomic Seeks To Boost Channel Power, Hires
Hortonworks Vet Christopher Sullivan As Channel VP, CRN
Jan 2018
ALYN Hospital Pediatric and Adolescent Rehabilitation
Center Selects Ericom Shield to Safeguard Network from
Browser-Borne Threats, Business Wire
Jan 2018
Channel Partners Accelerate Move to Cloud-Based Desktops
with Liquidware Solutions Stack, PR Newswire
Jan 2018
Cyrus Group of Funds Acquires Additional Common Shares
of Sphere 3D Corporation, Marketwired
Dec 2017
Turbonomic Joins Cloud Native Computing Foundation,
Citybizlist
Nov 2017
Stratodesk Named Citrix Ready Partner of the Month, 4-
Traders
Nov 2017
Liquidware Working with LG Electronics USA to Enable
Amazon WorkSpaces On-Boarding, ResponseSource
Nov 2017 Sphere 3D beats by $1.21, beats on revenue, Seeking Alpha
News
0
2
4
6
8
10
$0k
$10M
$20M
$30M
$40M
$50M
$60M
$70M
$80M
2013 2014 2015 2016 2017
YoY Funding Rounds
9
9
33
41
68
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
VDI - Desktop Virtualization: Market Factsheet
Market: VDI - Desktop Virtualization
32
Exits
Most Active Investors
Recent Investments
YoY Funding and Rounds
Companies that offer Virtual
Desktop Infrastructure (VDI)
solution to provision virtual
desktops and remotely connect to
virtual machines over a network
Turbonomic
(2009, Boston, $125M)
ClearCube Technology
(1997, Austin, $81.6M)
RingCube
(2005, Mountain View, $46.7M)
Pano Logic
(2006, Menlo Park, $38M)
GreenBytes
(2007, Providence, $35M)
Top Companies
#1 Top Markets of Investment Activity
Virtualization > Market Details > Market: VDI - Desktop Virtualization
Companies Created 68 | Funded 41 | Total Funding $656M

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
33
VDI - Desktop Virtualization: Leaderboard
Market: VDI - Desktop Virtualization
Virtualization > Market Details > Market: VDI - Desktop Virtualization
#1 Top Markets of Investment Activity
Better than Market Average
Overall
Rating
Company
Name
Foun
ded
Year
Location Stage Funding Team
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Systancia 1998 Sausheim Series A $2M - 5 - - 1 1.8M 595 8k 16 -531k -24% 4 33% 47 8%
4.9 NoMachine 2003
Luxembour
g
Unfunded - - 4 - - 2 125k 43 30k 214 -25k -17% 13 7% 2 3%
4.8 flexVDI 2013 Zaragoza Unfunded - - 5 - - - 2M 198 750 13 -81k -4% 5 63% 6 3%
4.8 QVD 2010 Madrid Unfunded - - 4 3 3 - 2.7M 131 39k 128 -1.1M -29% 8 7% 5 3%
4.7 Teradici 2004 Burnaby Series C $35M - 1 - - 2 361k 1.5k 300 5 48k 15% - - 25 2%
4.6 Ericom 1993 Jerusalem Unfunded - - 4 - - 2 404k - 317k 2.4k 35k 9% 19 1% - -
4.5 RES 1999 Radnor Acquired $29M - 5 - 5 5 763k 4k 8k 54 446k 116% - - -122 -3%
4.4 Sphere 3D 2009 Ontario Public - - 3 - - 19 450k 701 330 2 -41k -8% - - 26 4%
4.4 ThinSpace 2005 Carrollton Unfunded - - 4 - - - 10M 304 8k 58 5M 58% - - 4 1%
4.3 Listeq 2012 Rotterdam Unfunded - - 2 - - - 10M 41 3k 18 10M 133% 1 6% -2 -5%
4.2
Liquidware
Labs
2009 Atlanta Series A $4M - - - 3 6 704k 2.3k - - - - - - 107 5%
4.1 Turbonomic 2009 Boston Series E $125M - - - - 18 195k 9k - - - - - - 42 -
4.0 Frame 2013 San Mateo Series B $29M - - - - 7 232k 1.3k - - -5k -2% - - 137 12%
4.0 FSLogix 2013 Atlanta Series B $3M - - - - 3 1.2M 1.7k - - 597k 97% - - 186 12%
3.9
ClearCube
Technology
1997 Austin Series D $82M - - - - 2 2.5M 321 - - 403k 20% - - 22 7%

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
34
Notable Acquisitions
Top Acquirers
Acqui-hires

Public companies
35
Performance indicators of public companies in Virtualization
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Aug 2013
Delivers virtualization technology and data management solutions
ANY
Aug 2007
VMware (1998, Palo Alto)
$10.9B VMW
Dec 1995
CTXS
GraphOn (1996, Campbell)
Virtualization > Exit Outlook > Public Companies

Notable Acquisitions (1/4)
36
Notable Acquisitions in Virtualization
Virtualization > Exit Outlook > Notable Acquisitions
2017
Acquirer: Ivanti
RES (1999, Radnor, $28.8M)
Platform for managing digital workplaces
Acquirer: Citrix
Unidesk (2007, Marlborough, $44.8M)
VDI Management
2016
Acquirer: VMware
PLUMgrid (2011, Sunnyvale, $26.9M)
Network virtualization for SDN
Acquirer: Landesk
AppSense (1999, Sunnyvale, $71M)
User Virtualization, sync solution Provider
Acquirer: Oracle Deal: $500M
2015
Acquirer: Cisco
Embrane (2009, Santa Clara, $41M)
Platform for virtual network services

37

38

39

Most Active Acquirers
40
Virtualization > Exit Outlook > Most Active Acquirers

Acqui-hires
41
Virtualization > Exit Outlook > Acqui-hires

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
42
Details on VC & PE Investors
Seed Stage
Early Stage
Late Stage
Details on Top Ecosystem Players

Virtualization > Investors > Index of Most Active VC & PE Investors
Index of Top Investors (VC, PE) by Stage in Virtualization; Last 5 years (Feb 2013 - Jan 2018)
Index of Most Active VC & PE Investors
SEED STAGE
Data Collective
Initialized Capital
Ludlow Ventures
Breega Capital
Siparex
Credo Ventures
Limerock Fund Manager
Double M Partners
Rincon Venture Partners
Lough Shore Investments
EARLY STAGE
Bain Capital Ventures (2 Investments)
Mosley Ventures (2 Investments)
Qualcomm Ventures
North Bridge
Hummer Winblad Venture Partners
Longworth Venture Partners
In-Q-Tel
Microsoft Ventures
MK Venture Capital
Endeavour Ventures
Grotech Ventures
Point B Capital
LATE STAGE
AME Cloud Ventures
Temasek
General Atlantic
Qualcomm Ventures
Ignition Partners
Cisco Investments
Presidio Ventures
Ardian
CBC Capital

44
Portfolio in Virtualization | Exits | Funds Link | Website | LinkedIn | Twitter
Virtualization > Investors > Columbus Nova Technology Partners
Investments
[Soonicorn] D2L (1999, Kitchener, $165M, Series B)
Learning management system for K-12, higher education and
enterprises
[Soonicorn] Fiverr (2009, Tel Aviv, $110M, Series D)
Marketplace for offering freelancer services online
[Soonicorn] vArmour (2011, Santa Clara, $83M, Series D)
Distributed security system based data center security for virtual &
cloud assets
[Soonicorn] Credorax (2007, Herzliya, $80M, Series B)
Smart acquiring and next generation payment processing
[Soonicorn] Zoomdata (2012, Reston, $47.2M, Series C)
Visual Analytics for big data
[Soonicorn] Bracket Computing (2011, Sunnyvale, $45M,
Series B)
Virtual infrastructure software for hybrid environment security
[Soonicorn] HighGround (2012, Chicago, $24.3M, Series A)
SaaS platform for employee engagement
[Minicorn] Deep Instinct (2015, Tel Aviv, $32M, Series B)
Deep learning based threat detection against APT & zero-day threats
[Minicorn] 42Floors (2011, San Francisco, $17.4M, Series B)
Marketplace for leasing office and co-Working spaces
Other Notable Portfolio
Top Exits Recent News on Fund & Portfolio
Geographical Spread Stage of Entry
Nov 2017
Panzura and Frame Partner to Accelerate Global, Real-
Time Collaboration for Virtual Workspaces, PR Newswire
Sep 2017
VMware Choosing Frame To Deliver Cloud App Streaming
Says A Lot, Forbes
Aug 2017
Frame adds key executives to accelerate enterprise and
public sector adoption, Marketwired
May 2017
Frame adds Salil Deshpande to its Board along with
raising $16m new funding, Talent4Boards
Jul 2015
Frame Launches Its Cloud-Based Software Virtualization
Service Globally, TechCrunch
Jun 2015
Cloud-Based App Launcher Frame Lands $10 Million In
Series A Funding, TechCrunch
None
1 11
2012 2013 2014 2015 2016 2017
Follow On New Investments
-
-
-
-
1
Undisclosed
Series C+
Series B
Series A
Seed1
-
-
-
-
US

45
Virtualization > Investors > BLH Venture Partners

Data Collective
46
Virtualization > Investors > Data Collective

Initialized Capital
47
Virtualization > Investors > Initialized Capital

Ludlow Ventures
48
Virtualization > Investors > Ludlow Ventures

Siparex
49
Virtualization > Investors > Siparex

Double M Partners
50
Virtualization > Investors > Double M Partners

Rincon Venture Partners
51
Virtualization > Investors > Rincon Venture Partners

Contents
52

Bain Capital Ventures
53
Virtualization > Investors > Bain Capital Ventures

Mosley Ventures
54
Virtualization > Investors > Mosley Ventures

Qualcomm Ventures
55
Virtualization > Investors > Qualcomm Ventures

56
Virtualization > Investors > Bessemer Venture Partners

North Bridge
57
Virtualization > Investors > North Bridge

Hummer Winblad Venture Partners
58
Virtualization > Investors > Hummer Winblad Venture Partners

Longworth Venture Partners
59
Virtualization > Investors > Longworth Venture Partners

In-Q-Tel
60
Virtualization > Investors > In-Q-Tel

Microsoft Ventures
61
Virtualization > Investors > Microsoft Ventures

62
Virtualization > Investors > Access Venture Partners

63
Virtualization > Investors > Correlation Ventures

Grotech Ventures
64
Virtualization > Investors > Grotech Ventures

Point B Capital
65
Virtualization > Investors > Point B Capital

Contents
66

67
Virtualization > Investors > Globespan Capital Partners

AME Cloud Ventures
68
Virtualization > Investors > AME Cloud Ventures

Temasek
69
Virtualization > Investors > Temasek

General Atlantic
70
Virtualization > Investors > General Atlantic

Qualcomm Ventures
71
Virtualization > Investors > Qualcomm Ventures

Ignition Partners
72
Virtualization > Investors > Ignition Partners

Cisco Investments
73
Virtualization > Investors > Cisco Investments

Presidio Ventures
74
Virtualization > Investors > Presidio Ventures

Ardian
75
Virtualization > Investors > Ardian

CBC Capital
76
Virtualization > Investors > CBC Capital

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
77
Details on VC & PE Investors
Details on Top Ecosystem Players
Incubators
Other Notable Investors
Debt Investors

Virtualization > Investors > Index of Ecosystem Investors
Index of Top Ecosystem Investors in Virtualization; Q1 2013 - Q0 2018
Index of Ecosystem Investors
INCUBATOR
Startup Sauna
Techstars
The Fabric
Y Combinator
OTHER NOTABLE INVESTORS
Arrowroot Capital
CapitalSource
Citrix
Credit Suisse
Ericsson
Fujitsu
Great Hill Partners
Iconiq Capital
Innovation Network Corporation of Japan
IncuVest
Infosys
Leumi Partners
NEC Capital Solutions
DEBT INVESTORS
Silicon Valley Bank

79
Virtualization > Investors > Alchemist Accelerator
Investments
[Soonicorn] Rigetti Computing (2013, Berkeley, $66.6M, Series
B)
Full-stack quantum computing company
[Minicorn] LaunchDarkly (2014, Oakland, $32.3M, Series B)
Early User Feedback capture
[Minicorn] Clear Metal (2015, San Francisco, $12M, Series A)
Analytics platform for container shipping industry
[Minicorn] Sense.ly (2013, San Francisco, $11.5M, Series B)
Platform with a virtual nurse for health care monitoring and
management
[Minicorn] MoEngage (2014, Bangalore, $5M, Series A)
Mobile based platform for personalized marketing
[Minicorn] PlayVox (2012, San Francisco, $2.2M, Series A)
Employee Engagement Software for Call centers
[Minicorn] 3TEN8 (2013, San Jose, $2M, Seed)
Provides AI-powered cloud platform for wireless network analytics
[Minicorn] ShoppinPal (2011, Pune, $1.6M, Series A)
Mobile commerce platform for brick & mortar retail stores
Other Notable Portfolio
Top Exits Recent News on Fund & Portfolio
Geographical Spread Stage of Entry
NoneNone
1
2012 2013 2014 2015 2016 2017
Follow On New Investments
-
-
-
-
1
Undisclosed
Series C+
Series B
Series A
Seed1
-
-
-
-
US

Startup Sauna
80
Virtualization > Investors > Startup Sauna

Techstars
81
Virtualization > Investors > Techstars

Y Combinator
82
Virtualization > Investors > Y Combinator

Contents
83

Arrowroot Capital
84
Virtualization > Investors > Arrowroot Capital

CapitalSource
85
Virtualization > Investors > CapitalSource

Citrix
86
Virtualization > Investors > Citrix

Credit Suisse
87
Virtualization > Investors > Credit Suisse

Ericsson
88
Virtualization > Investors > Ericsson

89
Virtualization > Investors > Fidelity Investments

Great Hill Partners
90
Virtualization > Investors > Great Hill Partners

Iconiq Capital
91
Virtualization > Investors > Iconiq Capital

Virtualization > Investors >

Contents
93

Silicon Valley Bank
94
Virtualization > Investors > Silicon Valley Bank

Contents
Feed Summary
Investment Trend
Key Markets
Exit Outlook
Investors
News
Appendix
95
Recent News

Recent News (1/2)
96
Virtualization > News > Recent News
Feb 2018
A merger with Dell would be an 'obvious negative' for VMware
shareholders, Business Insider
Feb 2018
RackTop Systems and Carahsoft Announce New Partnership to
Offer Software-Defined Storage (SDS) Products to the Federal
Government and Resellers , PRWeb
Feb 2018
Ovum Report Recognises IGEL for Enhancing Thin Client Security
and Driving Marketshare for Software-Based Thin Clients, RealWire
Feb 2018
VMware's Ross Brown Exits, Channel Chief Brandon Sweeney Takes
Over Cloud Provider Program Duties, CRN
Feb 2018
Pivot3 Extends Technology Partnerships with VMware, Redington
Value, and Zerto, Technology-Signals
Feb 2018
Anuta Launches Smart Network Platform for Multi-Vendor
Networks, SDxCentral
Feb 2018
Parallels Toolbox 2.5 brings an array of quick tools to the Mac,
AppleInsider
Feb 2018
CloudShare Finishes Best Year in Company History with More than
200 New Customers in 2017, PR Newswire
Feb 2018 Dell EMC expands converged infrastructure portfolio, ITP
Feb 2018
VMware buys CloudCoreo to improve cloud application security,
SiliconAngle
Feb 2018
Citrix Systems Enters 2018 Leaner, but Still in Fighting Shape, The
Motley Fool
Feb 2018
NComputing to bring Citrix Ready workspace hub to enterprises, PR
Newswire
Feb 2018
Panasonic and StayLinked offer next generation mobile computing
solutions to the warehousing, manufacturing, and logistics
industries, RealWire
Feb 2018
GlobeNewswire
Feb 2018
Worldline Selects VMware Network Virtualization and Cloud
Management Platforms to Accelerate Innovation and Time to
Market, Euroinvestor
Feb 2018
Turbonomic Seeks To Boost Channel Power, Hires Hortonworks Vet
Christopher Sullivan As Channel VP, CRN
Feb 2018
Citrix Acquires Cedexis to Improve App Performance in Hybrid
Clouds, SDxCentral
Feb 2018
Pivotal Software and VMware launch new container service,
SiliconAngle
Feb 2018
Delphix Brings Powerful New Data Security Capabilities to SAP,
Euroinvestor
Feb 2018 Dell to opt for record reverse-merger?, The Recycler
Feb 2018
Citrix Showcases Market-Leading Network and App Delivery
Portfolio at Mobile World Congress 2018, Business Wire

Recent News (2/2)
97
Virtualization > News > Recent News
Feb 2018
VMware Named a Leader in 2018 Magic Quadrant for
Hyperconverged Infrastructure, GlobeNewswire
Feb 2018
Tech Mahindra collaborates with VMware for Telco network,
service transformation, TheNewsMinute
Feb 2018
Premier BPO Acquires dinCloud, Gains Workspace as a Service,
ChannelE2E
Feb 2018
IGEL Expands North American Operations, Opens Canadian Sales
Office, PR Newswire
Feb 2018
Teradici Cloud Access Software Launches on AWS Marketplace,
Delivering Graphics-Intensive Applications from the Cloud,
GlobeNewswire
Feb 2018
Delphix Enables The Rapid, Automated, And Secure Management Of
Data, Tech Company News
Feb 2018 $17M deal sees VMware bolster the ATO’s cloud program, ARN
Feb 2018
Citrix Announces Drew Del Matto as New Chief Financial Officer,
Business Wire
Feb 2018
Evolve IP and Yealink Partner to Provide Unified Communications
(UCaaS) Capabilities on a Global Scale, PR Newswire
Feb 2018
Citrix Systems Announces Accelerated Share Repurchase
Transaction - Quick Facts, RTTNews
Feb 2018
Citrix Announces $750 Million Accelerated Share Repurchase,
PressReleasePoint
Feb 2018
Citrix Emphasizes Cloud, Networking, and Subscriptions in Q4 2017
Earnings, SDxCentral
Jan 2018
The 'Tesla' Of End Point Management: IGEL Is Going Into 'Disrupt
Conference' With Record Software/Channel Sales Growth, CRN
Jan 2018 Citrix appoints area vice president for emerging markets, ITWeb
Jan 2018 NetApp AFF A200 VMmark 3 Results Published, Storage Review
Jan 2018
Citrix Reports Fourth Quarter and Fiscal Year Financial Results,
Business Wire
Jan 2018
ePlus Receives Networking Partner of the Year Award from Citrix,
GlobeNewswire
Jan 2018
Sunbird® Joins the VMware Technology Alliance Partner Program,
PR Newswire
Jan 2018 Dell might sell itself to VMWare in a massive deal, Business Insider
Jan 2018
VMware hired more than 20,000 sq m of office space in Sofia,
Finance Apprise
Jan 2018
Cavium Network Interface Cards Power HPE, VMware, and
Microsoft HCI, SDxCentral
Jan 2018
Pure Storage Extends VMware Integration with New Solutions to
Accelerate Private Clouds, PR Newswire
Jan 2018
VMware joins NxtGen to deliver scalable Cloud experience,
newKerala.com
Jan 2018 Stratodesk Opens Silicon Valley Office, PRWeb
Jan 2018
Warranty Consultant LLC Partners with Premier BPO LLC To Create
Advanced Full Service Call Center Experience, Business PR News

Contents
Feed Summary
Investment Trend
Key Markets
Exit Outlook
Investors
News
Appendix
98
Explore more on Tracxn Platform
Index of Top companies by Market
Funded Deadpooled Companies

Explore more on Tracxn Platform
99
Companies
Companies Covered
Unicorns
Public Companies
Acquired Companies
Funded Companies
Investment Trends
Recent Investments
Mega Investments
Investment Trend
Markets
BlueBox
Taxonomy
News
Key News
Recent News
Company Stage
Angel Funded
Seed Funded
Early Stage (Series A/B)
Late Stage (Series C+)
Acqui-hires
DeadPooled
Investors Acquirers
Unicorn Investors
Most Active Investors
Most Active VC &PE Investors
Portfolio of Top Investor
Most Active Acquirer
Virtualization > Appendix > Explore Sector on Tracxn Platform

Index of IPOs, Acquisitions, Unicorns, Soonicorns, Minicorns and Editor Picks in Virtualization
Index of Top companies by Market (1/4)
100
Virtualization > Appendix > Index of Top companies by Market
Suite
Suite
VMware (1998, Palo Alto, $388M)
IPO Date Aug 2007 Mcap $10.9B
IPO Mcap -
- VMW P/E -
IPO Date Dec 1995 Mcap -
IPO Mcap -
- CTXS P/E -
Hypervisor
Hypervisor
Stage: Acquired
Sequoia Capital, Bessemer Venture Partners,
Norwest Venture Partners and 5 Other Investors
Virsto Software (2007, Sunnyvale, $24M)
Storage virtualization at VM layer
Stage: Acquired
Southern Cross Venture Partners, Correlation
Ventures, InterWest Partners and 2 Other Investors
NeoCleus (2006, Tel Aviv, $22.5M)
Hypervisor vendor
Stage: Acquired
Battery Ventures, Gemini Israel Ventures
Virtual Iron Software (2003, Lowell, $41.5M)
Virtualization and Infrastructure management
software
Stage: Acquired
Highland Capital Partners, Matrix Partners,
Goldman Sachs and 4 Other Investors
VirtualLogix (2002, Sunnyvale, $29.3M)
Virtualization software platform
Stage: Acquired
Motorola Mobility, Intel Capital, Atlas Venture and 5
Other Investors
Xen Project (2003, Massachusetts)
Open Source | Server Virtualization
Stage: Acquired
Data Collective

101
Pluribus Networks (2010, Palo Alto, $92.5M)
Software-defined networks for data centers
Soonicorn. Stage: Series D
Temasek, Ericsson, Newtech Technology and 8
Other Investors
infrastructure
Soonicorn. Stage: Series B
Simplex, Innovation Network Corporation of Japan,
Fujitsu and 4 Other Investors
Network Virtualization platform for SDDC
Unicorn. Stage: Acquired
Lightspeed Venture Partners, New Enterprise
Associates, Andreessen Horowitz
Embrane (2009, Santa Clara, $41M)
Platform for virtual network services
Stage: Acquired
Presidio Ventures, Lightspeed Venture Partners,
New Enterprise Associates and 2 Other Investors
Vyatta (2005, Belmont, $40.6M)
Network virtualization software
Stage: Acquired
HighBar Partners, JPMorgan Chase & Co.,
ArrowPath Venture Partners and 5 Other Investors
PLUMgrid (2011, Sunnyvale, $26.9M)
Network virtualization for SDN
Stage: Acquired
Longworth Venture Partners, U.S Venture Partners,
Qualcomm Ventures and 3 Other Investors
Unidesk (2007, Marlborough, $44.8M)
VDI Management
Stage: Acquired
Ignition Partners, Matrix Partners, North Bridge
Interactive TKO (1999, Dallas, $12.6M)
Stage: Acquired
CenterPoint Ventures, Vesbridge Partners, Hunt
GraphOn (1996, Campbell, $7.1M)
IPO Date - Mcap -
IPO Mcap -
- - P/E -

102
RingCube (2005, Mountain View, $46.7M)
Desktop Virtualization | VDI
Stage: Acquired
New Enterprise Associates, Mohr Davidow
Ventures, Western Technology Investment
GreenBytes (2007, Providence, $35M)
Virtual Desktop Storage Systems
Stage: Acquired
Generation Investment Management, Battery
Ventures
RES (1999, Radnor, $28.8M)
Platform for managing digital workplaces
Stage: Acquired
ORIX, Gimv, Updata and 2 Other Investors
Scalent (2002, Palo Alto, $27M)
Virtualization software
Stage: Acquired
JK&B Capital, Credit Suisse, Pequot Capital and 1
Other Investors
Virtualized desktop management
Stage: Acquired
Greylock Partners, Opus Capital, Viola Group and 1
Other Investors
Virtual Computer (2007, Westford, $21M)
Virtual desktops Management
Stage: Acquired
Highland Capital Partners, Flybridge Capital
Partners, Citrix
Desktop virtualization products
Stage: Acquired
Greylock Partners, Lightspeed Venture Partners,
Western Technology Investment and 1 Other
Investors
Desktop Virtualization Solution
Stage: Acquired
Sequoia Capital, Norwest Venture Partners, Silicom
Delivers virtualization technology and data
management solutions
IPO Date Aug 2013 Mcap -
IPO Mcap -
- ANY P/E -

103

Funded Deadpooled Companies
104
Virtualization > Appendix > Funded Deadpooled Companies

Chaitanya Karthik Vellanki
AVP - Research
Krishna Chaitanya Kamisetty
Lead Analyst
Team
106
For research queries write to us at myanalyst@tracxn.com

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